The Past and Future of Monetary Policy


Friday, March 1, 2013

In 1913, President Woodrow Wilson signed the Federal Reserve Act into law, and the Federal Reserve System was created. In recognition of the centennial of the Fed’s founding, the Economic Research Department of the Federal Reserve Bank of San Francisco is sponsoring a research conference on the theme “The Past and Future of Monetary Policy.”


Morning Session Chair: John FernaldFederal Reserve Bank of San Francisco

8:15 AM

Continental Breakfast

8:50 AM

Welcoming Remarks
John Williams, President, Federal Reserve Bank of San Francisco

9:00 AM

Robert HallStanford University
Ricardo ReisColumbia University
Controlling Inflation and Maintaining Central Bank Solvency under New-Style Central Banking
Presentation Slides 

John LeahyNew York University
Carl WalshUniversity of California, Santa Cruz

10:15 AM


10:35 AM

Christopher GustFederal Reserve Board
David Lopez-SalidoFederal Reserve Board
Matthew SmithFederal Reserve Board
The Empirical Implications of the Interest-Rate Lower Bound
Presentation Slides

Martin EichenbaumNorthwestern University
Christopher SimsPrinceton University

11:50 AM


12:00 PM

Lunch – Market Street Dining Room, Fourth Floor
Introduction: Glenn Rudebusch, Director of Research, Federal Reserve Bank of San Francisco
Speaker: Lars Svensson, Deputy Governor, Riksbank

Afternoon Session Chair: Eric SwansonFederal Reserve Bank of San Francisco

1:15 PM

Anna CieslakKellogg School of Management, Northwestern University
Pavol PovalaStern School of Business, New York University
Expecting the Fed
Presentation Slides

Kenneth SingletonStanford Graduate School of Business
Mark WatsonPrinceton University

2:30 PM


2:45 PM

Frederic BoissayEuropean Central Bank
Fabrice CollardUniversity of Bern
Frank SmetsEuropean Central Bank
Booms and Systemic Banking Crises
Presentation Slides

Lawrence ChristianoNorthwestern University
Mark GertlerNew York University

4:00 PM


4:15 PM

Christopher HanesSUNY Binghamton
Monetary Policy Alternatives at the Zero Bound: Lessons from the 1930s U.S.
Presentation Slides

Gary RichardsonUniversity of California, Irvine
James HamiltonUniversity of California, San Diego

5:30 PM

Reception – West Market Street Lounge, Fourth Floor

6:15 PM

Dinner – Market Street Dining Room, Fourth Floor
Introduction: John Williams, President, Federal Reserve Bank of San Francisco
Speaker: Ben Bernanke, Chairman, Federal Reserve Board of Governors